GameStop shares tank 22% after boosting raise to $2.25B for Bitcoin strategy

GameStop boosted its convertible note offering to $2.25 billion, fueling its Bitcoin treasury strategy and raising speculation about future crypto investments.

Video game and consumer electronics retailer GameStop increased its planned private convertible note offering to $2.25 billion, signaling a deeper commitment to building out its corporate Bitcoin treasury.

GameStop upsized its private convertible note offering to $2.25 billion on Thursday, with the sales of the notes expected to close on Tuesday.

The video game retailer expects net proceeds of about $2.23 billion, or $2.68 billion if the initial purchasers exercise their options to purchase additional notes in full.

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